Topics

Federal government posts $9.8-billion deficit for April-to-August period

  • Rosa Saba

  • Canadian Press

  • October 25, 2024

The Federal Court will soon decide whether or not a $2.5-billion class action lawsuit against Canada for its discrimination against Black public servants can proceed. The Peace Tower is framed through the iron railing on Parliament Hill in Ottawa on October 24, 2024. THE CANADIAN PRESS/Sean Kilpatrick

OTTAWA -- The federal government's deficit was $9.8 billion for the April-to-August period.

The Finance Department's latest fiscal monitor says the result compared with a deficit of $4.3 billion during the same period a year earlier.

Revenue for the period rose by $16.7 billion or 9.3 per cent compared with a year earlier due to increases in all major categories.

Program expenses excluding net actuarial losses rose by $17.9 billion or 11 per cent, as Ottawa spent more on direct program expenses, major transfers to persons, and major transfers to provinces, territories and municipalities.

Public debt charges were up by $4.4 billion or 23.1 per cent, mostly due to higher interest on marketable bonds and treasury bills.

Net actuarial losses were unchanged.

This report by The Canadian Press was first published Oct. 25, 2024.